Bhandari Hosiery Exports Limited updates on capacity expansion

The board of directors of Bhandari Hosiery Exports Limited at its meeting held today i.e. on Friday, 5th May, 2023 at 2:00 P.M. and concluded at 4:00 P.M. at registered office of the Company has considered the expansion plan.

Expansion Program - The Board considered the Capacity Expansion program of the company (at a cost of Rs. 24.75 crores which was planned to be implemented by 30.09.2023) and also its present status. It was informed that execution of the Capacity Expansion has commenced and the Company has also made initial advances to the Machine/ capital goods suppliers and also initiated spending on building construction out of internal resources. Term loan bank account has been opened with the lending bank State Bank of India.

SEBI Exemption Order - The Board recorded the SEBI Exemption Order dated 21st April, 2023 received in favour of the Promoters of the Company u/s 11(1) and 11(2)(h) of Securities and Exchange Board of India Act, read with Regulation 11(5) of the Securities Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 2011 in case the Promoters' holding goes beyond 25% of the total capital of the company during the process of raising fresh equity share capital.

Project Monitoring Committee (PMC) - The members of the board also discussed about formation of a separate focused Project Monitoring Committee which will be empowered to take all necessary decisions and actions to appoint professionals/ intermediaries needed at appropriate time to avoid times and again calling the meeting of the Board of Directors. Such Project Monitoring Committee to be constituted of one promoter director, two independent directors and to be chaired by the Chairman of the Audit Committee; the CFO and the CS & Compliance Officer of the Company to assist the PMC and the appointed professionals / intermediaries in all aspects. This committee will also be empowered to take additional responsibilities to supervise and decide about fund raising with respect to the Expansion Program.

Shares of Bhandari Hosiery Exports Limited was last trading in BSE at Rs. 5.02 as compared to the previous close of Rs. 5.04. The total number of shares traded during the day was 40219 in over 72 trades.

The stock hit an intraday high of Rs. 5.20 and intraday low of 4.96. The net turnover during the day was Rs. 202824.00.

Source : Equity Bulls

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BhandariHosieryExports INE474E01029 ExpansionPlan